EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2026-08-05

SEC-registered investment adviser since 1991 · limited liability company

Assets managed$3.3bn
Staff35 · 17 in investment roles
Main clients (by assets)State and local governments 62%, Pension plans 23%, Private funds 7%
Websiteteamemerald.com
Form ADV · 2026-03-31SEC adviser record

Legal entityEmerald Advisers, LLC (US)

$4.2bn reported value +34.4% vs Q1 2026

237positions

17.4%in top 10

28 new 81 added 83 reduced 39 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,600,886	$90.9m2.14%	2.14%	Added +43.7k	+43,690 2.8%
2	CARDINAL INFRASTRUCTURE GROU CL A CDNL	CDNL	847,969	$79.9m1.88%	1.88%	Added +269.4k	+269,369 46.6%
3	MERCURY SYS INC COM MRCY	MRCY	638,682	$78.1m1.84%	1.84%	Added +43.4k	+43,368 7.3%
4	AAR CORP COM AIR	AIR	521,919	$74.6m1.76%	1.76%	Added +76.2k	+76,226 17.1%
5	VSE CORP COM VSEC	VSEC	323,152	$73.8m1.74%	1.74%	Added +8.4k	+8,363 2.7%
6	KULICKE & SOFFA INDS INC COM KLIC	KLIC	551,535	$73.8m1.74%	1.74%	Reduced -17.5k	-17,461 -3.1%
7	ARGAN INC COM AGX	AGX	89,296	$71.3m1.68%	1.68%	Reduced -6.0k	-5,976 -6.3%
8	CECO ENVIRONMENTAL CORP COM CECO	CECO	736,784	$66.9m1.57%	1.57%	Added +213.8k	+213,767 40.9%
9	CORCEPT THERAPEUTICS INC COM CORT	CORT	748,325	$65.1m1.53%	1.53%	Added +542.8k	+542,767 264.1%
10	LIVANOVA PLC SHS LIVN	LIVN	787,101	$64.7m1.52%	1.52%	Added +116.9k	+116,894 17.4%
11	SEMTECH CORP COM SMTC	SMTC	393,030	$63.6m1.50%	1.50%	Reduced -64.0k	-63,988 -14.0%
12	INTERDIGITAL INC COM IDCC	IDCC	223,517	$63.3m1.49%	1.49%	Added +119.5k	+119,452 114.8%
13	ESCO TECHNOLOGIES INC COM ESE	ESE	179,798	$62.9m1.48%	1.48%	Added +17.1k	+17,145 10.5%
14	AXCELIS TECHNOLOGIES INC COM NEW ACLS	ACLS	330,469	$62.6m1.47%	1.47%	Added +234.2k	+234,231 243.4%
15	PDF SOLUTIONS INC COM PDFS	PDFS	884,294	$62.6m1.47%	1.47%	Added +23.5k	+23,475 2.7%
16	PLEXUS CORP COM PLXS	PLXS	207,712	$62.5m1.47%	1.47%	Added +41.2k	+41,180 24.7%
17	COHU INC COM COHU	COHU	843,627	$62.4m1.47%	1.47%	Added +63.5k	+63,528 8.1%
18	COGENT BIOSCIENCES INC COM COGT	COGT	1,603,319	$62.0m1.46%	1.46%	Added +15.2k	+15,187 1.0%
19	ALLEGIANT TRAVEL CO COM ALGT	ALGT	475,112	$55.9m1.32%	1.32%	Added +137.1k	+137,079 40.5%
20	LEGENCE CORP CL A LGN	LGN	653,788	$55.7m1.31%	1.31%	New
21	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	468,295	$54.8m1.29%	1.29%	Added +71.0k	+71,032 17.9%
22	GUARDANT HEALTH INC COM GH	GH	364,022	$54.6m1.29%	1.29%	Reduced -477.9k	-477,895 -56.8%
23	MODINE MFG CO COM MOD	MOD	202,754	$54.1m1.27%	1.27%	Reduced -175.4k	-175,364 -46.4%
24	AXOS FINANCIAL INC COM AX	AX	536,162	$52.2m1.23%	1.23%	Added +39.9k	+39,930 8.1%
25	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	640,616	$51.5m1.21%	1.21%	Added +45.9k	+45,929 7.7%
26	NLIGHT INC COM LASR	LASR	736,848	$51.3m1.21%	1.21%	Reduced -9.8k	-9,826 -1.3%
27	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	567,430	$50.4m1.19%	1.19%	Reduced -45.9k	-45,935 -7.5%
28	UMB FINL CORP COM UMBF	UMBF	345,687	$49.4m1.16%	1.16%	Added +78.2k	+78,249 29.3%
29	BOOT BARN HLDGS INC COM BOOT	BOOT	300,226	$49.3m1.16%	1.16%	Added +91.8k	+91,801 44.0%
30	RUSH STREET INTERACTIVE INC COM RSI	RSI	1,639,592	$48.8m1.15%	1.15%	Added +66.1k	+66,092 4.2%
31	SENSIENT TECHNOLOGIES CORP COM SXT	SXT	394,927	$48.7m1.15%	1.15%	New
32	BILLIONTOONE INC CL A BLLN	BLLN	375,858	$45.1m1.06%	1.06%	Added +136.3k	+136,296 56.9%
33	AGILYSYS INC COM AGYS	AGYS	427,845	$44.7m1.05%	1.05%	Added +104.3k	+104,334 32.2%
34	ASTRONICS CORP COM ATRO	ATRO	513,984	$41.8m0.98%	0.98%	Added +64.9k	+64,858 14.4%
35	TTM TECHNOLOGIES INC COM TTMI	TTMI	221,627	$41.4m0.98%	0.98%	Reduced -528.8k	-528,790 -70.5%
36	COMPASS INC CL A COMP	COMP	3,296,616	$40.6m0.96%	0.96%	Added +638.1k	+638,150 24.0%
37	FRESHPET INC COM FRPT	FRPT	673,730	$39.8m0.94%	0.94%	Added +193.0k	+193,027 40.2%
38	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	971,490	$39.7m0.93%	0.93%	Added +315.0k	+314,982 48.0%
39	FIRST ADVANTAGE CORP NEW COM FA	FA	2,188,875	$39.5m0.93%	0.93%	Added +1.0m	+1,041,010 90.7%
40	TEREX CORP NEW COM TEX	TEX	545,046	$39.5m0.93%	0.93%	New
41	CYTOKINETICS INC COM NEW CYTK	CYTK	457,956	$39.0m0.92%	0.92%	Added +259.1k	+259,145 130.3%
42	IPG PHOTONICS CORP COM IPGP	IPGP	326,701	$38.3m0.90%	0.90%	Added +21.8k	+21,785 7.1%
43	NATIONAL VISION HLDGS INC COM EYE	EYE	2,006,691	$38.1m0.90%	0.90%	Added +504.0k	+504,047 33.5%
44	DIODES INC COM DIOD	DIOD	345,473	$37.8m0.89%	0.89%	Added +164.4k	+164,420 90.8%
45	HERC HLDGS INC COM HRI	HRI	261,155	$37.4m0.88%	0.88%	New
46	SYNAPTICS INC COM SYNA	SYNA	298,552	$37.1m0.87%	0.87%	Reduced -31.4k	-31,364 -9.5%
47	MAXLINEAR INC COM MXL	MXL	280,350	$35.9m0.84%	0.84%	New
48	VERADERMICS INC COMMON STOCK MANE	MANE	288,370	$35.5m0.83%	0.83%	Added +155.8k	+155,834 117.6%
49	VARONIS SYS INC COM VRNS	VRNS	841,193	$35.3m0.83%	0.83%	Reduced -27.8k	-27,828 -3.2%
50	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	229,486	$35.1m0.83%	0.83%	Added +68.0k	+67,986 42.1%
51	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	3,093,379	$35.0m0.82%	0.82%	Added +431.9k	+431,852 16.2%
52	AMERICAN SUPERCONDUCTOR CORP SHS NEW AMSC	AMSC	843,956	$35.0m0.82%	0.82%	Added +86.6k	+86,552 11.4%
53	MOELIS & CO CL A MC	MC	531,883	$34.8m0.82%	0.82%	Reduced -16.2k	-16,194 -3.0%
54	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	697,181	$34.8m0.82%	0.82%	Reduced -138.7k	-138,748 -16.6%
55	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	444,778	$34.2m0.80%	0.80%	Added +97.7k	+97,653 28.1%
56	RAMBUS INC DEL COM RMBS	RMBS	252,693	$33.5m0.79%	0.79%	Reduced -240.5k	-240,543 -48.8%
57	TREVI THERAPEUTICS INC COM TRVI	TRVI	1,797,611	$33.5m0.79%	0.79%	Reduced -42.0k	-41,955 -2.3%
58	ONTO INNOVATION INC COM ONTO	ONTO	87,619	$33.2m0.78%	0.78%	Reduced -30.8k	-30,804 -26.0%
59	IMAX CORP COM IMAX	IMAX	827,965	$33.0m0.78%	0.78%	Reduced -21.2k	-21,183 -2.5%
60	TRANSMEDICS GROUP INC COM TMDX	TMDX	490,491	$32.6m0.77%	0.77%	Added +147.7k	+147,700 43.1%
61	RXO INC COMMON STOCK RXO	RXO	1,174,517	$32.4m0.76%	0.76%	Added +736.0k	+736,046 167.9%
62	PALOMAR HLDGS INC COM PLMR	PLMR	248,267	$31.4m0.74%	0.74%	Reduced -50.1k	-50,092 -16.8%
63	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	211,574	$31.3m0.74%	0.74%	Reduced -222.3k	-222,308 -51.2%
64	BJS RESTAURANTS INC COM BJRI	BJRI	513,574	$31.2m0.73%	0.73%	Reduced -17.4k	-17,425 -3.3%
65	BANCORP INC DEL COM TBBK	TBBK	478,025	$29.9m0.70%	0.70%	Reduced -13.3k	-13,315 -2.7%
66	HINGE HEALTH INC CL A HNGE	HNGE	358,655	$29.8m0.70%	0.70%	Added +79.8k	+79,765 28.6%
67	AEROVIRONMENT INC COM AVAV	AVAV	176,383	$29.1m0.69%	0.69%	Reduced -3.5k	-3,491 -1.9%
68	COMMVAULT SYS INC COM CVLT	CVLT	198,459	$28.1m0.66%	0.66%	Added +1.3k	+1,318 0.7%
69	MATERION CORP COM MTRN	MTRN	92,808	$27.6m0.65%	0.65%	New
70	D-WAVE QUANTUM INC COM QBTS	QBTS	1,147,775	$27.5m0.65%	0.65%	Added +607.4k	+607,444 112.4%
71	ARLO TECHNOLOGIES INC COM ARLO	ARLO	2,021,645	$27.3m0.64%	0.64%	Added +2.7k	+2,716 0.1%
72	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	390,158	$27.2m0.64%	0.64%	Reduced -4.4k	-4,446 -1.1%
73	CUSTOMERS BANCORP INC COM CUBI	CUBI	334,660	$26.5m0.62%	0.62%	Reduced -8.5k	-8,549 -2.5%
74	AXSOME THERAPEUTICS INC COM AXSM	AXSM	104,237	$25.5m0.60%	0.60%	Reduced -3.4k	-3,373 -3.1%
75	BOBS DISC FURNITURE INC COM SHS BOBS	BOBS	1,607,068	$25.4m0.60%	0.60%	Added +262.0k	+262,018 19.5%
76	PIPER SANDLER COMPANIES COM NEW PIPR	PIPR	350,159	$25.3m0.60%	0.60%	Reduced -10.4k	-10,419 -2.9%
77	IMPINJ INC COM PI	PI	176,780	$25.3m0.60%	0.60%	Reduced -4.8k	-4,835 -2.7%
78	NPK INTERNATIONAL INC COM SHS NPKI	NPKI	1,573,597	$25.0m0.59%	0.59%	New
79	LENDINGCLUB CORP COM NEW HAPN	HAPN	1,193,757	$24.8m0.58%	0.58%	Added +266.2k	+266,161 28.7%
80	EVOLV TECHNOLOGIES HLDNGS IN COM CL A EVLV	EVLV	4,227,336	$24.5m0.58%	0.58%	Reduced -105.7k	-105,719 -2.4%
81	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	1,364,780	$24.5m0.58%	0.58%	Reduced -16.8k	-16,794 -1.2%
82	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	247,805	$24.2m0.57%	0.57%	New
83	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	852,158	$24.1m0.57%	0.57%	Reduced -32.7k	-32,720 -3.7%
84	RADNET INC COM RDNT	RDNT	370,489	$22.8m0.54%	0.54%	Reduced -11.3k	-11,275 -3.0%
85	POWER INTEGRATIONS INC COM POWI	POWI	264,342	$22.1m0.52%	0.52%	Added +148.3k	+148,298 127.8%
86	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	373,762	$21.8m0.51%	0.51%	Reduced -254.1k	-254,146 -40.5%
87	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	653,964	$21.7m0.51%	0.51%	Added +149.6k	+149,601 29.7%
88	AMBIQ MICRO INC COMMON STOCK AMBQ	AMBQ	243,664	$21.5m0.51%	0.51%	New
89	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	608,509	$21.1m0.50%	0.50%	New
90	ARHAUS INC COM CL A ARHS	ARHS	2,375,058	$20.0m0.47%	0.47%	Added +538.3k	+538,334 29.3%
91	FIRST WATCH RESTAURANT GROUP COM FWRG	FWRG	1,526,759	$19.7m0.46%	0.46%	Added +579.6k	+579,649 61.2%
92	SAVARA INC COM SVRA	SVRA	3,148,439	$19.4m0.46%	0.46%	Reduced -222.8k	-222,846 -6.6%
93	EXCELERATE ENERGY INC CL A COM EE	EE	485,260	$18.4m0.43%	0.43%	Added +169.6k	+169,595 53.7%
94	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	2,104,451	$18.2m0.43%	0.43%	Added +297.1k	+297,144 16.4%
95	ALAMAR BIOSCIENCES INC COMMON STOCK ALMR	ALMR	647,183	$17.5m0.41%	0.41%	New
96	COASTAL FINL CORP WA COM NEW CCB	CCB	216,333	$16.8m0.39%	0.39%	Reduced -4.8k	-4,849 -2.2%
97	VISTEON CORP COM NEW VC	VC	162,419	$16.1m0.38%	0.38%	Added +51.9k	+51,917 47.0%
98	EVERQUOTE INC COM CL A EVER	EVER	651,922	$15.5m0.37%	0.37%	Reduced -39.3k	-39,344 -5.7%
99	Q2 HLDGS INC COM QTWO	QTWO	318,823	$15.3m0.36%	0.36%	Reduced -1.8k	-1,757 -0.6%
100	LIGHTPATH TECHNOLOGIES INC COM CL A LPTH	LPTH	937,258	$15.3m0.36%	0.36%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BRIDGEBIO PHARMA INC BBIO	BBIO	515,361	$38.3m515.4k shares
SPX TECHNOLOGIES INC SPXC	SPXC	147,250	$29.4m147.2k shares
KALVISTA PHARMACEUTICALS INC KALV	KALV	1,264,023	$25.4m1.3m shares
SITIME CORP SITM	SITM	65,762	$22.7m65.8k shares
IONQ INC IONQ	IONQ	447,729	$12.9m447.7k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	274,138	$9.2m274.1k shares
SKYWATER TECHNOLOGY INC		286,767	$7.9m286.8k shares
BYRNA TECHNOLOGIES INC BYRN	BYRN	432,626	$4.0m432.6k shares
VERTIV HOLDINGS CO VRT	VRT	7,216	$1.8m7.2k shares
SHIFT4 PMTS INC FOUR	FOUR	24,044	$1.1m24.0k shares
AMERICAN INTEGRITY INS GROUP AII	AII	39,127	$754.4k39.1k shares
NORWEGIAN CRUISE LINE HLDG L NCLH	NCLH	38,940	$728.2k38.9k shares
ACADIA PHARMACEUTICALS INC ACAD	ACAD	28,637	$637.5k28.6k shares
ROKU INC ROKU	ROKU	6,219	$588.4k6.2k shares
TESLA INC TSLA	TSLA	1,511	$561.7k1.5k shares
ENOVA INTL INC ENVA	ENVA	3,507	$476.4k3.5k shares
APPLOVIN CORP APP	APP	1,139	$453.3k1.1k shares
PALANTIR TECHNOLOGIES INC PLTR	PLTR	2,893	$423.2k2.9k shares
VEEVA SYS INC VEEV	VEEV	2,233	$392.2k2.2k shares
ZSCALER INC ZS	ZS	2,603	$365.2k2.6k shares
PLANET FITNESS INC PLNT	PLNT	4,655	$346.2k4.7k shares
S&P GLOBAL INC SPGI	SPGI	764	$325.0k764 shares
STERIS PLC STE	STE	1,404	$310.5k1.4k shares
NU HLDGS LTD NU	NU	20,752	$298.2k20.8k shares
TRACTOR SUPPLY CO TSCO	TSCO	6,558	$297.1k6.6k shares